Unable to pay its debts and facing a patent dispute, Denver tech darling Revolar has ceased operations and hired a restructuring firm known for selling off assets, according to a court filing.

Sherwood Partners, based in Mountain View, Calif., was hired last month and took control of Revolar on Sept. 25, according to a filing made Oct. 17 with Court of Chancery in Delaware, where Revolar is incorporated.

After exploring options, including talking to bankers, Sherwood said none of the options were viable and it plans to sell the company’s assets. Revolar’s business operation was shut down and Sherwood filed what is known as an assignment for the benefit of creditors, which is considered an alternative to bankruptcy.

But the panic-button maker has not completely vanished. Its website is still live, and its wearable gadgets were on Tuesday still available at Target, Best Buy and Home Shopping Network.

“We are in a transition right now,” said company co-founder Jacqueline Ros, confirming that company has moved out of its Denver headquarters. She declined to comment further.

Sherwood officials also did not respond to a request for comment.

Revolar has been a local darling, thanks to the enthusiasm of Ros and co-founder Andrea Perdomo. After her sister was assaulted, former schoolteacher Ros came up with the idea to develop a panic button that people could quickly press to discreetly trigger their smartphone to call for help. The project was a hit when it was crowdfunded in the spring of 2015.

Doing business in Denver since late 2018, San Francisco-based marketing tech firm Iterable is taking part in its first Denver Startup Week. Not only is it an event sponsor, but it taking part in the startup crawl program, showing off its new office, and the Startup Week job fair Wednesday night.